Coinpaprika 2025-03-21 08:48:27

Justin Bons Slams Pi Network, Calls It a Crypto Scam

Pi Network is once again under fire as CyberCapital founder Justin Bons calls the project a scam , citing serious concerns about its technology, centralization, and mining model. Bons criticized Pi Network for lacking true decentralization. Despite promoting itself as a decentralized system, Bons claims Pi is fully centralized and demands user identity verification for even basic transactions. According to him, this control undermines the core principles of blockchain. He also took aim at Pi Network’s long-delayed mainnet launch and said its technology is based on Stellar, without offering major innovations. Bons highlighted that Pi lacks a Turing-complete virtual machine, which limits its potential for real DeFi integration and programmability. In his view, this makes the network less flexible and scalable. One of the most controversial points Bons raised was the project’s referral-based growth model. He described it as similar to a multi-level marketing system, stating that it adds costs without real value. Additionally, he labeled the mining structure as “Ponzi-like,” where early users benefit from inflated token values during lock-up periods—creating the appearance of value while helping insiders profit. Transparency issues were another area of concern. Bons claims the project does not disclose how many tokens are held by insiders. He suspects they may control around 20% of the total supply, which he believes undermines Pi’s claims of fairness and community ownership. “This project being in the top 20 is a shame to the crypto industry,” he concluded. His comments echo previous remarks made by Bybit CEO Ben Zhou, who also questioned the legitimacy of Pi Network, saying it could be “more dangerous than meme coins.” Meanwhile, the Pi community continues to clash with Binance. Despite Pi getting a large number of votes in a community listing poll, the exchange chose not to list the token. Some Pi supporters have voiced their frustration on social media, questioning Binance’s transparency and decision-making. The community backlash included negative app store reviews and direct criticism aimed at the platform. In response, Binance warned against pressure tactics , stating that spreading negativity or attempting to force listings could result in blacklisting. This dispute, combined with Bons’ harsh criticism, seems to have affected market sentiment. Pi Coin has seen sharp declines in recent days, marking a notable downturn in its performance. As the project faces more questions from investors and industry leaders, it remains to be seen whether Pi Network can rebuild its image—or if these recent events mark the beginning of a larger fallout.

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